Alkami Technology, Inc. (NASDAQ:ALKT) Director Purchases $13,455,000.00 in Stock

Key Points

• Alkami Technology's Director, Atlantic Genpar (Bermu General), purchased 650,000 shares at an average price of $20.70 per share, totaling over $13 million, increasing their stake in the company by 6.11%.
• The company's stock recently traded up 3.9% to $22.59, with a market cap of $2.35 billion and a price-to-earnings ratio of -59.45.
• Recent analyst reports indicate a consensus price target of $39.25 with ratings including two holds and six buy recommendations, reflecting a moderate buy sentiment in the market.

Alkami Technology, Inc. (NASDAQ:ALKT - Get Free Report) Director Atlantic Genpar (Bermu General bought 650,000 shares of the firm's stock in a transaction dated Monday, August 11th. The stock was purchased at an average cost of $20.70 per share, for a total transaction of $13,455,000.00. Following the transaction, the director directly owned 11,287,274 shares of the company's stock, valued at $233,646,571.80. The trade was a 6.11% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Atlantic Genpar (Bermu General also recently made the following trade(s):

• On Wednesday, August 13th, Atlantic Genpar (Bermu General purchased 229,391 shares of Alkami Technology stock. The stock was acquired at an average price of $22.44 per share, with a total value of $5,147,534.04.
• On Tuesday, August 12th, Atlantic Genpar (Bermu General acquired 516,771 shares of Alkami Technology stock. The stock was bought at an average cost of $21.46 per share, with a total value of $11,089,905.66.

Alkami Technology Price Performance

NASDAQ:ALKT traded down $0.27 on Monday, hitting $22.82. The company had a trading volume of 369,079 shares, compared to its average volume of 1,187,526. The firm has a 50 day moving average of $27.03 and a two-hundred day moving average of $27.91. The stock has a market capitalization of $2.37 billion, a price-to-earnings ratio of -60.01 and a beta of 0.57. Alkami Technology, Inc. has a 52 week low of $19.94 and a 52 week high of $42.29. The company has a current ratio of 2.68, a quick ratio of 2.68 and a debt-to-equity ratio of 1.17.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on ALKT shares. JPMorgan Chase & Co. began coverage on Alkami Technology in a research note on Wednesday, June 18th. They issued an "overweight" rating and a $40.00 price target for the company. JMP Securities reissued a "market outperform" rating and issued a $46.00 price objective on shares of Alkami Technology in a research note on Thursday, May 1st. Lake Street Capital cut their target price on Alkami Technology from $47.00 to $41.00 and set a "buy" rating for the company in a research note on Thursday, May 1st. Finally, Needham & Company LLC reduced their target price on Alkami Technology from $54.00 to $40.00 and set a "buy" rating on the stock in a report on Thursday, May 1st. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $39.25.

Hedge Funds Weigh In On Alkami Technology

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Tower Research Capital LLC TRC boosted its position in Alkami Technology by 39.4% during the 2nd quarter. Tower Research Capital LLC TRC now owns 8,527 shares of the company's stock worth $257,000 after buying an additional 2,409 shares during the period. Captrust Financial Advisors raised its stake in shares of Alkami Technology by 4.3% during the second quarter. Captrust Financial Advisors now owns 97,349 shares of the company's stock valued at $2,934,000 after acquiring an additional 4,010 shares during the last quarter. Vident Advisory LLC lifted its holdings in shares of Alkami Technology by 19.9% during the second quarter. Vident Advisory LLC now owns 16,666 shares of the company's stock worth $502,000 after purchasing an additional 2,763 shares during the period. Tidal Investments LLC grew its stake in shares of Alkami Technology by 35.9% in the second quarter. Tidal Investments LLC now owns 21,044 shares of the company's stock worth $634,000 after purchasing an additional 5,559 shares during the last quarter. Finally, Select Equity Group L.P. increased its holdings in Alkami Technology by 9.5% in the second quarter. Select Equity Group L.P. now owns 576,253 shares of the company's stock valued at $17,368,000 after purchasing an additional 50,227 shares during the period. Institutional investors and hedge funds own 54.97% of the company's stock.

Alkami Technology Company Profile

Alkami Technology, Inc offers cloud-based digital banking solutions in the United States. The company's Alkami Platform allows financial institutions to onboard and engage new users, accelerate revenues, and enhance operational efficiency, with the support of a proprietary, cloud-based, and multi-tenant architecture.